The VB-2 produces a single voice of vibrato. It sounds like the note(s) you're playing into it, but the pitch goes down and up like it would if you used a bar or your fingers. The VB-2 also has a feature that allows you to step on the pedal and hear the vibrato slowly escalate to whatever depth you want.

The CE-1 vibrato is a multi-voice effect. It sounds like a fast chorus, but it's quite a pleasant sound.

Hi folks - I made a video the other day comparing the two. As MrMunky says, the VB-2 is a 'pure' vibrato whereas the CE-1 (in vibrato mode) still has some of the clean signal mixed in & is therefore more 'chorusy'. Also, because of the CE-1's preamp, it colours the overall sound a lot more - the VB-2 is more transparent. Both sound brilliant though